LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
October 16-22, 2017

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above, another solid performance after a listless summer. But here’s an alarming trend for you stats geeks: Analyzing September and October contracts for 2017 compared to 2016, the number of days on the market has soared to 447 from 346. Other benchmark stats—including total contracts signed, average price, and volume –are on a par with the same period last year.

The No.1 contract was PH7A at 140 West 12th Street, asking $19,995,000, reduced from $22.5 million when it went on the market in June. This duplex penthouse condo has 4,317 square feet including 4 bedrooms, 4.5 bathrooms, and 3 terraces that total 1,174 square feet. It was purchased off of floorplans in The Greenwich Lane condo in 2014, and closed for $18,867,060 in February 2016. It is being sold by Heather Kerzner, the ex-wife of South African billionaire hotel magnate, Sol Kerzner. The Greenwich Lane is a 5-building complex with 194 units and 5 townhouses. Amenities include concierge, doorman, fitness center, pool, children’s room, and garage.

The No. 2 contract was 1601 at 1 Central Park South, asking $15 million, reduced from $18.3 million when it went on the market in April. This Plaza Hotel condo has 2,656 square feet including 3 bedrooms and 3.5 bathrooms. The unit has a 29-foot living room facing Central Park. It was purchased in 2007 for $10,001,871.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 2 0 1 Avg.Ask:
$5,928,000
5
Condos 1 5 1 8 Avg.Ask:
$7,673,333

Avg.$/sq.ft.:
$3,006/sq.ft.

Avg.Size:
2,502 sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 1 0 0 Avg.Ask:
$9,300,000

Avg.$/sq.ft.:
$1,498/sq.ft..

Avg.Size:
6,210 sq.ft.
2
TOTALS 4 8 1 9 22
Total Weekly Asking Price Sales Volume: $163,340,000
Average Asking Price: $7,424,545
Median Asking Price: $6,247,500
Average Discount from Original Ask to Last Asking Price: 14%
Average Days on Market: 525
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 20 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

© 2017
Donna Olshan and Olshan Realty
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